According to the report the global solar energy market reached a value of 191.0 GW in 2022. Aided by the intensifying demand for clean and renewable energy sources and the burgeoning applications of solar energy in various sectors, the market is projected to further grow at a CAGR of 7.56% between 2023 and 2028 to reach a value of 302.4 GW by 2028.
Solar energy is a type of renewable energy harnessed from the sun's radiation. It is commonly converted into thermal or electrical energy and is widely utilised in various applications such as heating, electricity generation, and desalination of seawater. The process of capturing solar energy involves the use of solar panels, also known as photovoltaic (PV) panels. Solar energy offers numerous benefits, including environmental sustainability, considerable savings on electricity bills, and the potential for off-grid power solutions, making it a promising alternative to conventional fossil fuels.
The escalating global demand for sustainable and clean energy sources is a principal driver of the solar energy market growth. With the increasing awareness of the environmental implications of fossil fuel consumption, there has been a significant shift towards renewable energy sources, leading to a surge in demand for solar energy solutions. Additionally, the burgeoning trend of energy decentralisation has further boosted the appeal of solar energy, given its inherent suitability for distributed generation.
The diverse applications of solar energy in various sectors significantly contribute to the solar energy market demand. In the residential sector, solar energy is used to power homes and charge electric vehicles. Commercial and industrial sectors leverage solar power for their energy needs, including lighting, heating, and powering equipment. Moreover, with the advent of agri-voltaic systems, solar energy has found a unique application in agriculture, where it not only generates electricity but also supports crop growth, thus propelling the solar energy market development.
Furthermore, the growing focus on energy resilience and security has led to an increased emphasis on solar energy as a key element in future energy strategies. With the rise of smart grids and the increasing popularity of electric vehicles, solar energy is positioned as a critical enabler of the energy transition, thus propelling the solar energy market expansion.
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*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Solar energy is a type of renewable energy harnessed from the sun's radiation. It is commonly converted into thermal or electrical energy and is widely utilised in various applications such as heating, electricity generation, and desalination of seawater. The process of capturing solar energy involves the use of solar panels, also known as photovoltaic (PV) panels. Solar energy offers numerous benefits, including environmental sustainability, considerable savings on electricity bills, and the potential for off-grid power solutions, making it a promising alternative to conventional fossil fuels.
The escalating global demand for sustainable and clean energy sources is a principal driver of the solar energy market growth. With the increasing awareness of the environmental implications of fossil fuel consumption, there has been a significant shift towards renewable energy sources, leading to a surge in demand for solar energy solutions. Additionally, the burgeoning trend of energy decentralisation has further boosted the appeal of solar energy, given its inherent suitability for distributed generation.
The diverse applications of solar energy in various sectors significantly contribute to the solar energy market demand. In the residential sector, solar energy is used to power homes and charge electric vehicles. Commercial and industrial sectors leverage solar power for their energy needs, including lighting, heating, and powering equipment. Moreover, with the advent of agri-voltaic systems, solar energy has found a unique application in agriculture, where it not only generates electricity but also supports crop growth, thus propelling the solar energy market development.
Furthermore, the growing focus on energy resilience and security has led to an increased emphasis on solar energy as a key element in future energy strategies. With the rise of smart grids and the increasing popularity of electric vehicles, solar energy is positioned as a critical enabler of the energy transition, thus propelling the solar energy market expansion.
Market Segmentation
The market can be divided based on technology, solar module, application, and region.Market Breakup by Technology
Solar Photovoltaic
- Mono-Si
- Thin Film
- Multi-Si
- Others
Concentrated Solar Power
- Parabolic Trough
- Power Tower
- Linear Fresnel
Market Breakup by Solar Module
- Monocrystalline
- Polycrystalline
- Thin-Film Solar Modules
- Others
Market Breakup by Application
- Residential
- Commercial and Industrial
- Utility
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global solar energy companies. Some of the major key players explored in the report are as follows:- Adani Green Energy Limited
- Acciona SA
- Canadian Solar Inc.
- JA Solar Technology Co., Ltd.
- Sunrun Inc.
- SunPower Corporation
- Kaneka Corporation
- Tata Power Solar Systems Ltd.
- Suntech Power Holdings Co., Ltd.
- JinkoSolar Holding Co., Ltd
- Others
About the Publisher
Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.Our high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organisation's future success by acquiring one of these reports today.
*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Solar Energy Market Analysis
8.1 Key Industry Highlights
8.2 Global Solar Energy Historical Market (2018-2022)
8.3 Global Solar Energy Market Forecast (2023-2028)
8.4 Global Solar Energy Market by Technology
8.4.1 Solar Photovoltaic
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.1.3 Breakup by Type
8.4.1.3.1 Mono-Si
8.4.1.3.2 Thin Film
8.4.1.3.3 Multi-Si
8.4.1.3.4 Others
8.4.2 Concentrated Solar Power
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.2.3 Breakup by Type
8.4.2.3.1 Parabolic Trough
8.4.2.3.2 Power Tower
8.4.2.3.3 Linear Fresnel
8.5 Global Solar Energy Market by Solar Module
8.5.1 Monocrystalline
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Polycrystalline
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Thin-Film Solar Modules
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.5.4 Others
8.5.4.1 Historical Trend (2018-2022)
8.5.4.2 Forecast Trend (2023-2028)
8.6 Global Solar Energy Market by Application
8.6.1 Residential
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Commercial and Industrial
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Utility
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.7 Global Solar Energy Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2022)
8.7.5.2 Forecast Trend (2023-2028)
9 North America Solar Energy Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Solar Energy Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Solar Energy Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Solar Energy Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Solar Energy Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Turkey
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 Israel
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 South Africa
13.5.1 Historical Trend (2018-2022)
13.5.2 Forecast Trend (2023-2028)
13.6 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Adani Green Energy Limited
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Acciona SA
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Canadian Solar Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 JA Solar Technology Co., Ltd.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Sunrun Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 SunPower Corporation
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Kaneka Corporation
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Tata Power Solar Systems Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Suntech Power Holdings Co., Ltd.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 JinkoSolar Holding Co., Ltd
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
Companies Mentioned
- Adani Green Energy Limited
- Acciona SA
- Canadian Solar Inc.
- JA Solar Technology Co. Ltd.
- Sunrun Inc.
- SunPower Corporation
- Kaneka Corporation
- Tata Power Solar Systems Ltd.
- Suntech Power Holdings Co., Ltd.
- JinkoSolar Holding Co., Ltd
Methodology
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